Delhivery Limited announced that it has signed a definitive agreement to acquire a controlling stake in Ecom Express Limited for a cash consideration of Rs. ~1,400 Cr from its shareholders.
Sahil Barua, MD and CEO, Delhivery said, “The Indian economy requires continuous improvements in cost efficiency, speed and reach of logistics. We believe this acquisition will enable us to service customers of both companies better, through continued bold investments in infrastructure, technology, network and people. The founders and management of Ecom Express have established a high quality network and team, creating a strong foundation to integrate into Delhivery’s operations.”
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K. Satyanarayana, Founder of Ecom Express, said: “Delhivery is among India’s leading fully-integrated logistics service providers with significant scale advantages and will be the ideal shareholder for Ecom Express’ next phase of growth. With this acquisition and its inherent synergies, businesses across India as well as the logistics industry itself will benefit immensely through the combination of two like-minded players.”
The completion of the transaction is subject to approval from the Competition Commission of India and other customary closing conditions. Shardul Amarchand Mangaldas & Co. acted as the legal advisor and Ernst & Young acted as the financial and tax diligence advisor to Delhivery on this transaction.
About Delhivery
Delhivery is one of India’s leading fully-integrated logistics services providers. With its nationwide network covering over 18,700 pin codes, the company provides a wide range of logistics services such as express parcel transportation, PTL freight, TL freight, cross-border, supply chain, and technology services. Delhivery has successfully fulfilled over 3.4 billion shipments since inception and today works with over 39K+ customers, including large & small e-commerce participants, SMEs, and other enterprises & brands.
About Ecom Express
Ecom Express is a leading end-to-end technology enabled logistics solutions provider to the Indian retail and ecommerce industry. Incorporated in 2012 by Manju Dhawan, K. Satyanarayana, Late T. A. Krishnan and Late Sanjeev Saxena, the company offers first-mile pickup, processing, network operation, last mile delivery, reverse logistics and fulfillment solutions. Since inception, Ecom Express has delivered nearly 2 billion shipments to 97% of Indian households.
